Sergio Ermotti returns to UBS as group CEO to help manage Credit Suisse takeover
Following its recent acquisition of Credit Suisse, UBS has appointed Sergio Ermotti as group CEO and president of the group executive board, effective 5 April 2023.
Ermotti was previously group CEO of UBS for nine years between 2011 and 2020, leading the group following 2008’s global financial crisis. This “unique experience”, UBS says, makes Ermotti well placed to handle the integration of Credit Suisse.
He succeeds Ralph Hamers, who will remain at UBS and work alongside Ermotti as an advisor during the transition period to ensure “a successful closure” of the Credit Suisse transaction and a “smooth hand-over”, UBS says.
UBS chair Colm Kelleher says Hamers has brought UBS “unprecedented success” and under his leadership, the bank has “built the strengths that have put us in a position to stabilise Credit Suisse and ensure a successful integration”.
On taking up his old role at UBS, Ermotti says: “The task at hand is an urgent and challenging one.”
He adds that in order to carry out the integration with the interests of stakeholders at heart, “we need to thoughtfully and systematically assess all options”.
“Our full attention will be on delivering the best possible outcome for our clients, our employees, our shareholders and the Swiss government.”